Does ghz matter?

For what? What CPU? 2.9ghz on a p4 intel chip is different from 2.9ghz on a newer intel chip even if you disable all but 1 core.

And 2.9ghz may be good enough to do something like web browsing but not intensive stuff.

So please give us details you gave us nothing. We need the CPU, what you plan to do at bare minium.
 
:hello: Welcome to the forums.

Yes, but ...
A lot depends on the the generation of the chips being compared. For instance, go back to the arrival of the first Intel Core2 chips. A single core of an E6600 Conroe (2.4 GHz) is about 40 - 60% faster than a P4 EE (around 3.8 GHz). The E6600 just does more per clock cycle.

How much speed you need depends a lot on what you are doing. The basic home or office computer just does not need that much power. A bargain basement chip (less than $100) will do all you need.

So depending on what you want to do, 2.9 GHz may be great, OK, barely adequate, or unsatisfactory.

If you are planning a system, go to the Systems forum and tell us your budget and primary purpose of the computer. We have regulars there who are most excellent (not just excellent, but most excellent :)) at system configuration. I, alas, am not one of them 🙁.
 
Do RPMs matter in an engine?

Depends on the engine (two-stroke, four-stroke, rotary, etc.) and what the engine is powering right? But there is a power band and the higher the RPM typically the more HP available. Of course this is a generalization, and I'm ignoring variables like the gear ratio, torque, stall points, etc. but I think the analogy makes sense.